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Happ is in the final season of the three-year, $36 million contract he signed with Toronto in November 2015. He has registered a 3.97 ERA over his 12-year MLB career.

The Yankees and Mariners are both also reportedly considering trading for Happ.

The Cubs signed starter Yu Darvish to a six-year, $126 million contract in February. But, he has been out since May 20 because of right triceps tendinitis and there is no timetable for his return.

Chicago president of baseball operations Theo Epstein said last week the team was not looking to deal for an ace.

"There's no way we're going to go out and acquire a starter the caliber of a locked-in (Kyle) Hendricks or a locked-in Jose Quintana," Epstein said (via the Chicago Tribune). "The majority of our answers lie within, for sure. That's how we're looking at it."

The Cubs are currently in second place of the National League Central standings with a 50-36 record.